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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
 FORM 10-K/A (Mark One) þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended
    
    December 31, 2004
 OR o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to Commission File Number 0-11777 FIRST EQUITY PROPERTIES, INC. 
  Nevada
    
    95-6799846(State of other jurisdiction of
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)1800 Valley View Lane, Suite 300
    
    75234(Address of principal executive offices)
    
    (Zip Code)
 Registrants telephone number, including area code
    
    214 750-5800
 Securities registered pursuant to Section 12(b) of the Act: Title of each class
    
    Name of each exchange on which registeredNone
 Securities registered pursuant to section 12(g) of the Act:
Common Stock, par value $0.01 per share 
  Indicate by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes þ No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation
S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of
registrants knowledge, in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K. o Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Act). Yes o No þ The aggregate market value of the voting and non-voting common equity held by
non-affiliates computed with reference to the price at which the common equity was last sold, or
the average bid and ask price of such common equity, as of the last business day of the
Registrants most recently-completed second fiscal quarter (June 30, 2004) is not determinable
since no trading market existed on that date or presently exists for the shares of common stock.
Of the total shares outstanding at March 18, 2005, 264,807 shares were held at that date by persons
who may be deemed to be not affiliated with the Registrant. DOCUMENTS INCORPORATED BY REFERENCE
None




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AMENDMENT NO. 1 TO
ANNUAL REPORT ON FORM 10-K FOR
FIRST EQUITY PROPERTIES, INC. The undersigned Registrant hereby amends the following items, exhibits or other portions
of its Annual Report on Form 10-K for the fiscal year ended December 31, 2004 as set forth below
and as reflected in the substituted pages attached hereto which replace the same numbered pages in
the original filing:  
    New pages F-12 and F-13 have been added continuing Note M  Quarterly
Data (unaudited), which is hereby added to the Report.
    Page F-1  The Accountants Report has been amended to include the
Accountants conforming signature.
    Page 18, Exhibit 31 has been amended to include Ken L. Joines
conforming signature.
    Page 19, Exhibit 32 has been amended to include Ken L. Joines
conforming signature. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has caused this Amendment to be signed on its behalf by the undersigned, thereunto
duly-authorized. Date: May 23, 2005
    FIRST EQUITY PROPERTIES, INC.By:
    /s/ Ken L. JoinesKen L. Joines, Vice President andTreasurer (Acting Principal Executive
Officer, Chief Financial and
Accounting Officer) 1




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5. The registrants other certifying officer(s) and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrants ability to record, process, summarize and
report financial information; and (b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal controls. Dated: March 29, 2005. /s/ Ken L. JoinesKen L. Joines, Vice President and Treasurer(Acting Principal Executive Officer and
Chief Financial and Accounting Officer) 18




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Exhibit 32 OFFICERS SECTION 1350 CERTIFICATIONS The undersigned officer of First Equity Properties, Inc., a Nevada corporation (the
Company), hereby certifies that (i) the Companys Annual Report on Form 10-K for the year ended
December 31, 2004 fully complies with the requirements of Section 13(a) of the Securities Exchange
Act of 1934, and (ii) the information contained in the Companys Annual Report on Form 10-K for the
year ended December 31, 2004 fairly presents, in all material respects, the financial condition and
results of operations of the Company, at and for the periods indicated. Dated: March 29, 2005. /s/ Ken L. JoinesKen L. Joines, Vice President and Treasurer(Acting Principal Executive Officer and
Chief Financial and Accounting Officer) 19




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors
First Equity Properties, Inc. and Subsidiaries We have audited the accompanying balance sheets of First Equity Properties, Inc. and subsidiaries
as of December 31, 2004 and 2003 and the related statements of operations, changes in shareholders
equity and cash flows for the years ended December 31, 2004, 2003 and 2002. These financial
statements are the responsibility of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of First Equity Properties, Inc. and subsidiaries as of December
31, 2004 and 2003 and the results of their operations and their cash flows for the years ended
December 31, 2004, 2003 and 2002, in conformity with U.S. generally accepted accounting principles. FARMER, FUQUA & HUFF, P.C. /s/ FARMER, FUQUA & HUFF, P.C. March 29, 2005
Plano, Texas F-1




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FIRST EQUITY PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS  Continued
December 31, 2004, 2003 and 2002 NOTE M  QUARTERLY DATA (UNAUDITED) The table below reflects the Partnerships selected quarterly information for the years ended December 31, 2004 and 2003. Year ended December 31, 2004First
    
    
    Second
    
    
    Third
    
    
    FourthQuarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterRevenue
    
    $
    14,587
    
    
    $
    45,045
    
    
    $
    60,683
    
    
    $
    60,685Operating expenses
    
    
    5,673
    
    
    
    13,887
    
    
    
    26,720
    
    
    
    14,570Net income from continuing operations
    
    
    8,914
    
    
    
    31,158
    
    
    
    33,963
    
    
    
    46,115Discontinued operations
    
    
    45,715
    
    
    
    
    
    
    
    
    
    
    
    Impairment loss
    
    
    (37,931,116
    )
    
    
    
    
    
    
    
    
    
    
    Net income (loss) attributable to Common shares
    
    
    (37,876,487
    )
    
    
    31,158
    
    
    
    33,963
    
    
    
    46,115Earnings (loss) per share:Net earnings from continuing operations
    
    
    .01
    
    
    
    .03
    
    
    
    .03
    
    
    
    .04Discontinued operations
    
    
    (35.82
    )
    
    
    
    
    
    
    
    
    
    
    Net income (loss) applicable to Common shares
    
    
    (35.81
    )
    
    
    .03
    
    
    
    .03
    
    
    
    .04
 Quarterly results for the first quarter of 2004 presented differ from those previously
reported in FEPIs originally filed Form 10-Qs due to the recalculation of EPS to reflect the
effect of a one-for-ten reverse stock split that took place at the beginning of the third quarter
2004. The following chart represents FEPIs 2004 quarterly data as originally reported: Year ended December 31, 2004First
    
    
    Second
    
    
    Third
    
    
    FourthQuarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterRevenue
    
    $
    14,587
    
    
    $
    45,045
    
    
    $
    60,683
    
    
    $
    60,685Operating expenses
    
    
    5,673
    
    
    
    13,887
    
    
    
    26,720
    
    
    
    14,570Net income from continuing operations
    
    
    8,914
    
    
    
    31,158
    
    
    
    33,963
    
    
    
    46,115Discontinued operations
    
    
    45,715
    
    
    
    
    
    
    
    
    
    
    
    Impairment loss
    
    
    (37,931,116
    )
    
    
    
    
    
    
    
    
    
    
    Net income (loss) attributable to Common shares
    
    
    (37,876,487
    )
    
    
    31,158
    
    
    
    33,963
    
    
    
    46,115Earnings (loss) per share:Net earnings from continuing operations
    
    
    
    
    
    
    .03
    
    
    
    .03
    
    
    
    .04Discontinued operations
    
    
    (3.58
    )
    
    
    
    
    
    
    
    
    
    
    Net income (loss) applicable to Common shares
    
    
    (3.58
    )
    
    
    .03
    
    
    
    .03
    
    
    
    .04
 F-12




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FIRST EQUITY PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS  Continued
December 31, 2004, 2003 and 2002 NOTE M  QUARTERLY DATA (UNAUDITED)  continued Year ended December 31, 2003First
    
    
    Second
    
    
    Third
    
    
    FourthQuarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterRevenue
    
    $
    9,459
    
    
    $
    14,587
    
    
    $
    14,748
    
    
    $
    14,747Operating expenses
    
    
    1,521
    
    
    
    26,635
    
    
    
    2,402
    
    
    
    1,521Net income from continuing operations
    
    
    7,938
    
    
    
    (12,048
    )
    
    
    12,346
    
    
    
    13,226Discontinued operations
    
    
    47,555
    
    
    
    47,256
    
    
    
    72,162
    
    
    
    40,281Net income (loss) attributable to Common shares
    
    
    55,493
    
    
    
    35,208
    
    
    
    84,508
    
    
    
    53,507Earnings (loss) per share:Net earnings from continuing operations
    
    
    
    
    
    
    (.01
    )
    
    
    .01
    
    
    
    .01Discontinued operations
    
    
    .05
    
    
    
    .04
    
    
    
    .07
    
    
    
    .04Net income (loss) applicable to Common shares
    
    
    .05
    
    
    
    .03
    
    
    
    .08
    
    
    
    .05
 Quarterly results presented differ from those previously reported in FEPIs originally filed
Form 10-Qs due to the reclassification of the operations of properties sold or held for sale to
discontinued operations in accordance with SFAS 144 and to the recalculation of EPS to reflect the
effect of a one-for-ten reverse stock split that took place at the beginning of the third quarter
2004. The following chart represents FEPIs 2003 quarterly numbers as originally reported: Year ended December 31, 2003First
    
    
    Second
    
    
    Third
    
    
    FourthQuarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterRevenue
    
    $
    57,014
    
    
    $
    61,843
    
    
    $
    86,910
    
    
    $
    55,028Operating expenses
    
    
    1,521
    
    
    
    26,635
    
    
    
    2,402
    
    
    
    1,521Net income from continuing operations
    
    
    55,493
    
    
    
    35,208
    
    
    
    84,508
    
    
    
    53,507Net income (loss) attributable to Common shares
    
    
    55,493
    
    
    
    35,208
    
    
    
    84,508
    
    
    
    53,507Earnings (loss) per share:Net income (loss) applicable to Common shares
    
    
    
    
    
    
    
    
    
    
    .01
    
    
    
    
 F-13